Deal Corner EP 26
Deal 1
Lightspeed Leads $41 Mn Funding Round In 5-Month Old Sarvam AI For Its Full Stack GenAI Suite
Bengaluru-based Sarvam AI, a startup in the generative artificial intelligence (GenAI) space, which has raised Series A funding of $41 Million led by Lightspeed Venture Partners.
The round also saw participation from Peak XV Partners (erstwhile Sequoia India and Southeast Asia) and Khosla Ventures.
The startup plans to deploy the fresh proceeds to build a full-stack for GenAI ranging from research-led innovations in custom AI model training to an enterprise-grade platform for authoring and deployment
Deal 2
Iris Energy Ramps Up Mining Capacity With $18.6 mn Acquisition
Iris Energy Limited has made a significant investment in its future, purchasing new T21 miners from Bitmain Technologies Delaware Limited for a total of $18.6 million.
This strategic acquisition is set to enhance the company’s self-mining capacity to an impressive 8.3 EH/s. The deal includes a delayed payment plan that allows Iris Energy to defer a portion of the cost until May 30, 2024, while the miners are expected to be delivered in the first quarter of the next year.
The company is not only investing in hardware but also in infrastructure. It is currently expanding its Childress site’s capabilities with an 80MW extension to an existing data center, which is scheduled to be operational from January to the second quarter of 2024.
Deal 3
Babylon Chain Closes $18 mn Funding Round For Bitcoin Staking
Polychain Capital and Hack VC led a $18 million Series A funding round for Babylon Chain, a protocol working on Bitcoin staking, bridging the decentralized finance (DeFi) ecosystem with the Bitcoin blockchain.
According to the Dec. 7 announcement, the funds will be used to support the development of Babylon’s Bitcoin Staking protocol, which enables proof-of-stake (PoS) networks to stake BTC, adding liquidity and security to emerging chains.
Additional investors in the round included Framework Ventures, Polygon Ventures, Castle Island Ventures, OKX Ventures, Finality Capital, Breyer Capital, Symbolic Capital and IOSG Ventures.
Deal 4
Heartcore Just Raised €15 mn to Back Startups In The Sector
The Copenhagen-HQ’d VC Heartcore announced successful closure of €15 million of a new €20 million fund that will focus on investing in protocols and tokens. Protocols refer to technologies that allow for decentralised data sharing and tokens refer to digital assets on a blockchain.
The fund is deliberately small and unlike normal VC funds that take ownership stakes in the startups they back, Heartcore will have tokens earmarked for the fund when (if ever) they get released.
With investments ranging from $250,000 to $500,000 Heartcore will focus on protocols and tokens built on top of the infrastructure built on Bitcoin and Ethereum, the world’s most popular Blockchain network. The focus is on areas such as decentralised finance like trading protocols, entertainment protocols like gaming, Web3 social as well as traditional software.
Deal 5
Bitcoin-Focused Ordinals Project Taproot Wizards Raises $7.5 mn in Seed Round
Taproot Wizards, a Bitcoin-focused Ordinals project, raised $7.5 million in seed funding to try and “make bitcoin magical again.”
The investment round was led by crypto-focused venture capital firm Standard Crypto, with contributions from Geometry, Collider Ventures, StarkWare, UTXO Management, Bitcoin Frontier Fund, Masterkey and Newman Capital, according to a post on Taproot Wizards’ X account on Thursday.
Deal 6
Jack Dorsey Leads $6.2 mn Investment in Decentralized Bitcoin Mining Pool OCEAN
OCEAN, a decentralized Bitcoin mining pool, raised $6.2 million in its seed funding round, led by billionaire Jack Dorsey. The pool’s non-custodial payout system directly disburses earnings to miners from block rewards, eliminating risks associated with traditional pools and ensuring miners are not unduely influenced.
The seed funding is intended to introduce OCEAN, marking the first step in decentralizing Bitcoin mining.
Deal 7
Venture Capital Firm A16z Backs Setter With $5 mn For Web3 Commerce
Andreessen Horowitz has led a $5 million seed funding round for Setter, a New York-based consumer application.
Setter combines Web2 and Web3 to promote exclusive products and limited-edition offerings, simplifying blockchain and cryptocurrency technology.
The platform plans to partner with streetwear and sneakers brands, expanding into fashion, luxury items, and consumer collectibles.
The seed funding round saw contributions from a16z, Marcy Ventures Partners, Superlayer, Thirty-Five Ventures, and retired tennis icon Serena Williams.
The diverse group of investors signifies a broad base of support for Setter’s vision, reflecting a shared belief in the potential of Web3 to transform e-commerce.
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